Global aluminum lithium alloy market is expected to witness a massive growth with a staggering CAGR of 6.48% in the forecast period. Aluminum lithium alloy is the type of alloy that consists of aluminum and lithium and also has some other elements such as zirconium, copper and much more. The main element in this mixture is aluminum and it occupies more than 90%.
The driving factors of Aluminum Lithium alloy market is boosting steadily because the Aluminum Lithium alloy, which is used for commercial purpose, are titled as advanced components/materials for aerospace space technology. These materials are chosen because they have excellent fatigue, cryogenic toughness properties, low density and high specific modulus. This is one of the major reasons for this market to grow massively.
However, the fracture toughness, reduced ductility and anisotropy of in-plane properties are some aspects that is drastically impeding the growth of the market. But due to the increase in demand of Aluminum Lithium alloy in the aeronautic industry, investors are getting attracted towards this market and are likely to invest in their R&D activities, which will eventually help the Aluminum Lithium alloy industry to develop in the near future.
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The market is segmented on the basis of product type (2XXX series, 8XXX series); by application (aeronautics, astronautics) and region (North America, Europe, Asia Pacific, South America, Middle East & Africa). In the near future, market will continue to come up with new product innovations to attract new consumers and investors, for them to continue the domination.
Geographically, market is significantly growing in Europe tremendously, because the aeronautic application is majorly in demand in this region. Followed by this, North America is expected to witness a decent growth in the forthcoming years.
Some of the prominent key players of the Aluminum Lithium alloy market are Aleris, Southwest Aluminum, Rio Tinto Alcan, Alcoa, FMC, Constellium and KUMZ. All the leading companies are including mergers and acquisitions, partnerships and joint ventures to enhance the growth of the market efficiently.
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